Wedding loan rejected - how to improve?

enthusiasticsaver

I agree sourcrates. Taking out a £15k loan for a wedding is madness. Many have done it though and ended up in trouble later. Weddings can be much cheaper and still be a good day.

immuno

Grumpelstiltskin wrote: »

OP Just what exactly do you want the loan for?

To show family and friends you can afford to spend £ XXX per head for an forgettable meal and cheap fizz marked up by XXXXX% by some hotel?

You can't afford that so why pretend?

You don't need to spend what you haven't got just to put on a show, why is it so important to pretend you can?

Sadly, my family won't even attend our wedding, so there's no need to show off. I simply want the experience for myself...I didn't realise that people only do it to show off. I've always been able to afford it, and then various unexpected things happened, and I suppose I can now wait a couple of years to save up...but I thought I could just get a loan and book my wedding and I'd be able to pay it off within the year leading up to the wedding anyway....

immuno

sourcrates wrote: »

Mine was just shy of £600 not inc the funeral, sorry, honeymoon. !!

Wouldn't dream of spending 15k on a wedding, and certainly wouldn't borrow it, why people feel the need for elaborate weddings I'll never know.

Well we're inviting 20-30 people, so hardly elaborate. I'm very well aware that we could spend the money on something else.

We had planned this wedding and now my parents have decided to disown me because I'm gay, and I just don't see why I should cancel all of my plans because of that. Sure, we don't need a wedding to celebrate our marriage, but I would quite like to experience things that normal people do, even if my parents don't think it's normal..

immuno

enthusiasticsaver wrote: »

There are a few things which stand out as the reason why they may have turned you down even if the HMRC issue is not the reason.

You only recently moved house and most lenders like you to have been living in your current property for a while, sometimes a year and sometimes three.

You only recently took out another loan - a red flag that you are in financial difficulties.

You have £3k on a credit card also taken out recently. You are only paying minimum payment which is another sign you are in financial difficulty.

Accumulating £5k+ in debt over such a short period of time will seroiously affect your credit record.

You have a joint income of more than £60k and yet you had not saved sufficient for moving costs and seem unable to even make ends meet let alone save for a wedding. It seems to me you would be better addressing your current financial situation rather than incur more debt.

Sorry to be blunt but you are walking a very dangerous line here and seem to be digging yourself into a financial hole.

Thank you for your honesty. I agree that we should be able to save more, but we had to move unexpectedly twice in the last year, which was hard..

Would it help to pay more than the minimum amount on my credit card?? I can afford to do so, just thought I'd save instead of paying off more immediately...and thought it's better to clear the loan faster, as the credit card is 0%.

Arleen

immuno wrote: »

Well we're inviting 20-30 people, so hardly elaborate. I'm very well aware that we could spend the money on something else.

We had planned this wedding and now my parents have decided to disown me because I'm gay, and I just don't see why I should cancel all of my plans because of that. Sure, we don't need a wedding to celebrate our marriage, but I would quite like to experience things that normal people do, even if my parents don't think it's normal..

Acutally most people do not have 15k weddings in the UK. More and more people instead settle for a quick ceremony and then a reception in some nice restaurant with close friends. You really can have a fantastic celebration for a lot less money with 10 or so of your closest friends. Add 200 quid for photo-op session in a nice scenic location and you are set.

If you don't mind me asking, do you hail from a different country? I know that in East Europe people are crazy and go in mortgage-level debts just for their wedding reception, as that is something their families expect.

As for repaying debt, repay the loan first - as it accumulates interest. But after that, you must save aside for the day when 0% period runs off on the card - and then repay it in full. So you will have to save extra 3k over time, that is set aside for repayment of it.

DCFC79

immuno wrote: »

I know it's more sensible to save for the wedding. We were saving for over 3 years and then unexpected life events happened. I just want to know if it's realistic for them to offer us a loan, perhaps for a smaller amount, in a few months or if it's something that might take 18 months to improve...

Theres no definitive answer.

Get all 3 reports and see whats on all 3, get your partner to get his credit reports too.

No more credit applications.

Agree on an amount to save each month, look at your spending and cut back to reach that goal.

lovinituk

immuno wrote: »

Well we're inviting 20-30 people, so hardly elaborate. I'm very well aware that we could spend the money on something else.

We had planned this wedding and now my parents have decided to disown me because I'm gay, and I just don't see why I should cancel all of my plans because of that. Sure, we don't need a wedding to celebrate our marriage, but I would quite like to experience things that normal people do, even if my parents don't think it's normal..

One of the biggest costs is feeding large numbers of guests. With only 20-30 you should be able to do it on a budget far lower than £15k.

[Deleted User]

lovinituk wrote: »

One of the biggest costs is feeding large numbers of guests. With only 20-30 you should be able to do it on a budget far lower than £15k.

Kerry Katona used to do for about £50 in the Iceland ads, I seem to recall.

And that included a prawn ring.

forgotmyname

Deleted_User wrote: »

Kerry Katona used to do for about £50 in the Iceland ads, I seem to recall.

And that included a prawn ring.

And she still went bankrupt? What chance does the OP have?

molerat

immuno wrote: »

Well we're inviting 20-30 people, so hardly elaborate. I'm very well aware that we could spend the money on something else.

We had planned this wedding and now my parents have decided to disown me because I'm gay, and I just don't see why I should cancel all of my plans because of that. Sure, we don't need a wedding to celebrate our marriage, but I would quite like to experience things that normal people do, even if my parents don't think it's normal..

It's not normal, £15K is well extravagant !